He said, so far it's a "silent run", that lawyers, excutives, etc. have been transfering their moneys to T-bills, draining the banks of their available cash, ie FDIC casn on hand. These are the people with EXCESS of $100,000, he is espousing congress raise the anti to 2-300000 or more to cover the runsNo, I was watching Cramer too. He did say they are seeing a run on banks, he did not name who, or in what degree though.
Advising people who might not know what's going on, to get their money out before it's too late is not paranoia.Spreading this paranoia and panic only contributes to the problem, you know...
Advising people who might not know what's going on, to get their money out before it's too late is not paranoia.
Thinking that the Status Quo can be maintained is burying your head in the sand.
It's over! Accept it if you want to make sure that you and yours have a chance to come out of this in one piece. Lingering hopefulness can only prolong the tittering on the brink but it won't stop the fall.
Anyone who understands even a fraction of what is about to happen will act to protect the only people that they can still protect: their immediate family and friends.
Sorry if this doesn't go with the Disney Chanel view of the world that some of you still hold.
Sure- but the WAMU situation is "old news" as far as news goes these days... He made it sound as if there was a mass panic run on banks all around the country RIGHT NOW.....The failure of Washington Mutual included a very quiet bank run over the last 9 days: to the tune of $16 Billion in deposits withdrawn.
*shrugs* who knows what will happen next.
We shall know monday if........or how much e(a)ffect this will have on our banks, tuesday is the last day of the quarter, "settlement time", soooo, next week, with or without a bail out, it will be exici:thumb:tingI don't know about you but I'd call this a bank run:
Millions of people descend upon bank branches, trying to withdraw their money
Tonite, sunday, Poulsen said the same on NBC, that it was like "..hiding money under the mattress, with T-bills only paying around 1%" hmmm and, tomorrow will the run continue?????????????Jim Cramer did mention that the FDIC needs to raise the coverage because people are silently running on banks, transferring out money and putting it into T-bills and such.